MICROCAPITAL BRIEF: Ngozi Okonjo-Iweala (NOI) Poll Reveals Mobile Money Not Widely Adopted in Nigeria

A recent survey in Nigeria on the adoption of mobile money services, conducted by the Ngozi Okonjo-Iweala (NOI) Polls, an opinion polling and research organization based in Nigeria, concluded that sixty percent of Nigerians do not know what mobile money is or that it is offered in their country.Forty percent are aware of mobile money, and of those who are aware of mobile money only 13 percent use the service. The NOI Polls results revealed that 93 percent of those who use mobile money services operate their mobile money account in connection with their bank accounts. Reportedly, a majority of mobile money users are banked with only a small proportion of unbanked users.

Mobile money users reportedly expressed having a positive experience with the service, stating that it is easy to use, secure, and saves them both money and time. According to the survey, 71 percent of non-users consider using the service in the future.

The Central Bank of Nigeria (CBN), the country’s central banking authority, established mobile money services in Nigeria in 2011 to provide greater access to financial services and institutions for the unbanked and underbanked. In August 2011, CBN reportedly licensed sixteen financial institutions to provide mobile money services in Nigeria.

By Adrija Vaiciulionis, Research Associate

About Ngozi Okonjo-Iweala (NOI) Polls Limited:
The Ngozi Okonjo-Iweala (NOI) Polls Limited is an opinion poll and research organization that was established by Ngozi Okonjo-Iweala, Finance Minister and Coordinating Minister of Economy of Nigeria. The company was set up in collaboration with the US-based Gallup organization to act as a representation of Nigerian public opinion of socio-economic issues.

About Central Bank of Nigeria (CBN):
The Central Bank of Nigeria (CBN) was established in 1958 as Nigeria’s central banking authority. As defined by the act of parliament that created CBN, its statutory mandates are as follows: “to issue legal tender currency; to maintain external reserves; to safeguard the international value of the legal tender currency; to promote monetary stability and a sound financial system in Nigeria; and to act as banker and financial adviser to the Federal Government.” As of November 2012, CBN reports total assets of NGN 13.3 trillion (USD 82.4 billion).

Sources and Additional Resources:

Eze, Amaka, “Unbanked Nigerians Yet to Accept Mobile Money Services,”
http://www.thisdaylive.com/articles/unbanked-nigerians-yet-to-accept-mobile-money-services/156899/

MicroCapital Article, August 16, 2013, “MICROCAPITAL BRIEF: Western Union, eTranzact Launch Mobile Money Service in Nigeria,”
https://www.microcapital.org/microcapital-brief-western-union-etranzact-launch-mobile-money-service-in-nigeria/

MicroCapital Article, July 25, 2013, “MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN), Bill and Melinda Gates Foundation Create “Geospatial Mapping of Financial Institutions” Program in Effort to Boost Inclusion,”
https://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-cbn-bill-and-melinda-gates-foundation-create-geospatial-mapping-of-financial-institutions-program-to-reach-unbanked-nigerians/

MicroCapital Universe Profile: Central Bank of Nigeria
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Nigeria+%28CBN%29

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